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Financial Analysis of Sainsbury PLC Essay

Cyberbanking Assay of Sainsbury PLC Essay

This address will focus aloft the cyberbanking achievement over a two year aeon of a FTSE 100 company. It will seek to ascertain how able-bodied the aggregation has performed by analytical profitability, liquidity, efficiency, gearing ratios and alive capital. In accession to the aloft points, it will abide aloft bread-and-butter factors to altercate the appulse they accept had aloft the achievement of the business.

The FTSE 100 started in the year of 1984 and was based aloft the 100 bigger companies on the London Banal Exchange, and it is apparent as an emblematic indicator for the backbone of the British abridgement (iforex, trading section).

FTSE 100 companies represent about 81% of the bazaar assets of the London Banal Exchange (Nationwide Building Society, comment section). Aural it lies a abundant accession to the UK abridgement and the bread-and-butter adeptness of these firms beggarly they would accept a adequately ample ripple aftereffect aloft the nation’s abridgement should there cyberbanking achievement adeptness a accompaniment of discontentment.

Subject aggregation and history
The accountable aggregation for this address will be J Sainsbury Plc which was founded in 1869 by John Sainsbury and his wife, Mary Ann Sainsbury in London (Sainsbury Plc, history section).

The alignment has developed to be one of the UK’s best eminent supermarkets. Some of its arresting aspects accommodate ablution TU accouterment in 2004, ablution Try Article New Today in 2005 to advance advantageous eating, and acceptable the world’s bigger fairtrade banker in the year 2010 (it is accepted that about one in every four pounds spent on fairtrade articles is at Sainsbury), in 2012 the alignment became the appreciative sponsor to the Paralympic amateur (this will be agilely advised afterwards in the address to see what effect, if any it has had aloft the company’s revenue) (Sainsbury Plc, history section).

In an industry predominantly endemic by Tesco (a bazaar allotment of 29.9% as of January 2012 according to BBC Business News), Sainsbury has had to assignment adamantine to break in competition. Its persistency has been a key basic to its angle in the industry and alternative ventures to which Sainsbury has boarded upon, namely, its cyberbanking adventure (a 50/50 adventure with Lloyds TSB) which commenced trading on the 19th day of February 1997 (Sainsbury Coffer plc).

The close absent its position as bazaar baton in the year of 1995 to its battling Tesco and afterwards alone to third in bazaar allotment afterwards ASDA accomplished a 5% acceleration in profits (BBC, Business Anniversary section). As at March 31 2012, Sainsbury’s has a absolute cardinal of 440 accessibility aliment and 572 supermarkets which is currently due to access (Sainsbury, Abundance Portfolio section). The catechism is, how abundant has its expansionary action accurate its profits whilst advancement calm with costs?

Within this report, active focus will be apparent to the cyberbanking year of 2010 and the final year of 2011 as the profitability, liquidity, efficiency, gearing ratios and alive basic is examined. The accumulation from auctioning of backdrop in 2010 was £27m and £108m in 2011 which shows a affecting acknowledgment in accumulation aback compared. Moreover, the aggregation additionally showed an access in accumulated accumulation from £585m in 2010 to £640m in 2011 (Sainsbury, Assets Statement 2011 section). This shows that the company’s all-embracing achievement has bigger over the advance of 12 months by 9.4%.

Further to the aloft points, the greater allotment of acquirement was acquired from the auction of articles and services, continuing in at £22,943m in 2011 (Sainsbury, Assets Statement 2011 section). This shows an access in artefact purchases and an access in bazaar allotment (an access of 16.1%, Telegraph, September 2011) arch to added sales, demonstrating that the firm’s action has formed for the cyberbanking year aback compared to the sales of 2010 of £21,421m (Sainsbury, Assets Statement 2010 section).

Return on Basic Active can be authentic as follows: “Return on basic active is a axiological admeasurement of business achievement as it compares the operating accumulation with the absolute basic acclimated to accomplish that profit.” (Black, 2009, p.212). For Sainsbury, this bulk was 11% in the cyberbanking year of 2010 and 11.1% in the year of 2011 (Sainsbury, Anniversary Address 2011 section). Such a accessory change doesn’t apparent a huge bulk of progress. In the anniversary address for 2011 p4, the aggregation does accord an anniversary for this and accompaniment that advance was lower than the antecedent year due to the accumulative aftereffect of its accelerated advance in amplitude advance which started June 2009.

The aggregation additionally holds seventh abode for aggregate bazaar allotment in the accouterment industry and now has accouterment sales growing faster than food, 17% to be exact with year on-year advance (Sainsbury, Anniversary Address 2011 section). Celebrity appearance icon, Gok Wan has been a huge abutment in annoying advance of the TU cast by ablution a accouterment ambit at Sainsbury in 2011 which has been the basic antecedent of sales boost. (gok wan, Sainsbury TU section).

In accession to the acknowledgment of sales, the bulk of sales rose from £19,964m in 2010 to £21,102m in 2011. Prominent accidental factors appear the acceleration in costs are the aberration in Fiscal action (Sainsbury’s, Admiral address 2011 section) which added the bulk of VAT from 17.5% to 20% on the 4th day of January 2011 (HM Acquirement and Customs, 2011) forth with the access of the company’s workforce due to its accession of 1.5 actor aboveboard anxiety of amplitude from 2011-2012 (The Independent, anniversary section).

As the advantage of the alignment is scrutinized, it is important to
look added into what has resulted in an access in accumulation from the year 2010 to 2011. From an bread-and-butter perspective, the Coffer of England’s Monetary Action Committee (hereinafter referred to as MPC) afflicted the abatement bulk to 0.5% on the 5th day of March 2009, absolutely influencing accessible spending and abbreviation the bulk of borrowing (Bank of England, 2009). The abstraction aloft the abridgement in the bulk of borrowing is that added barter accept resorted to application acclaim to armamentarium their purchases (According to a abstraction conducted by Visa Vanquis, chump spending on acclaim added by 3% in September 2011 aback compared with statistics for 2010).

It is accepted that the aberration eluded to aloft has been of abutment to the aggregation in its cyberbanking borrowing, enabling it to armamentarium its amplification referred to in the aloft paragraph. The downside is that it has had a axiological appulse aloft its cyberbanking adventure namely, profits accomplished are not what they could be if the abatement bulk was higher, admitting the actuality that, the coffer appear a 9% access in profits in 2011 (This is money, anniversary section) possibly due to the abovestated assay on chump spending. A college abject bulk would beggarly college priced loans arch to greater profits accrued (other factors actuality equal).

Taking into application the above-mentioned point, the aggregation had the befalling to advance the bargain absorption bulk in abutment of its amplification and alternative purchases to aid the accident of accumulation (due to low absorption rates) from the sales of loans and acclaim cards. In criticism of the 0.5% abject bulk set by the MPC, Sainsbury’s Chief Executive declared it was the amiss accommodation to abate it, the baby businesses that accumulation Sainsbury were disturbing to borrow and this of advance had a abundant ripple aftereffect aloft the company’s cyberbanking achievement (Daily Telegraph, anniversary section). This gives a bright adumbration that the accumulation accumulated for 2011 could of been college afterwards the bread-and-butter discontentment. It gives some administration to why the bulk of sales were aerial due to the purchasing bulk of articles from abate businesses to which accumulation Sainsbury.

Having analyzed the advantage of Sainsbury, its aural acceptable acumen to analyze this abstracts with that of its basic competition, namely, Tesco for which happens to be a cardinal allegory due to them continuing aural agnate area in agreement of business models and approaching aggregation goals. Tesco UK acquired £56,910m in sales for the cyberbanking year 2010 and saw an access for year 2011 with sales in at £60,931m (Tesco, Anniversary Address 2011 section). There is a abundant aberration in sales, about Tesco accept 3,054 UK aliment in allegory to Sainsbury’s accumulated 1,012 stores, in accession it has the greater bazaar allotment (Tesco, storefinder section).

Tesco’s Acknowledgment on Basic Active for 2010 stood at 12.1% and 12.9% for the cyberbanking year 2011 (Tesco, Anniversary Address 2011 section) and according to the admiral address the aggregation has set itself a ambition to accession this to 14.6% by 2014/15. This, calm with its sales exhibits bigger achievement than that of Sainsbury and epitomizes the apperception to why the aggregation holds the greatest allotment of the market. It shows accuracy that Tesco did bigger with basic than that of Sainsbury, about Sainsbury acclimated a ample bulk on amplification which the after-effects of will be apparent at a afterwards date.

With clamminess actuality the added focal point, it is all-important to attending at the acclaim accessories accessible to the alignment in question. ‘Sainsbury has all-embracing debt and acclaim accessories of £3 billion at its disposal’, the assumption aspect of Sainsbury’s bulk allotment comprises of two abiding loans of £1,069m due 2018 and £840m due 2031, anchored over acreage assets (Sainsbury Anniversary Address 2011). Added to the antecedent declared loans, the aggregation has apart debt of £180m and £50m due amid 2012 and 2015 forth with £190m of convertible bonds due July 2014 (Sainsbury Anniversary Address 2011).

The Accepted Arrangement for Sainsbury in the cyberbanking year of 2010 was 0.64 and 0.58 in the cyberbanking year 2011. A Accepted Arrangement may be authentic as a admeasurement of an organization’s adeptness to pay its shortterm debts, alluringly it should angle in at 2:1 (Atrill & McAllen, 2008). The arrangement for 2010 indicates that the aggregation would be in a bigger position at advantageous off its obligations if they were due at that point in time. About due to the arrangement for both years actuality beneath 1, it shows the aggregation is not in a acceptable position. Ironically however, accepting absolute the accessible acclaim to the organization, this states otherwise.

In allegory to its competition, Tesco had a accepted arrangement of 0.73 in the cyberbanking year 2010 and 0.65 in the cyberbanking year 2011. This is somewhat agnate with Sainsbury as there is alone a gap of .2 in difference. Both companies abstracts attending worrying, about the adeptness to about-face banal into banknote is accession focal point to which will be afterwards scrutinized.

Having revisited the company’s antithesis sheet, its Net debt stood at £1,549m in 2010 and £1,814m in 2011 (an access of £265m). This aberration quintessentially indicates that the aggregation has been accretion over the advance of a year. In the firm’s anniversary address for 2011 it shows the accession was due to accelerated acreage development (the accession of new Sainsbury Accessibility stores) which was to an absitively admeasurement adjourned by the auction of leasebacks and avant-garde alive basic (Sainsbury Anniversary Address 2011, p5).

The acknowledgment in debt manifests the actuality that Sainsbury hans’t austere its absolute debt, yet alone connected to borrow more. Astonishingly however, the bulk adopted has been put to absolute use in allotment the amplification of the organization’s accessibility stores. According to the Absolute in March beforehand this year, the aggregation grew its bazaar allotment of the accessibility abundance bazaar in 2011 with sales up 20% afterward the aperture of 15 new stores.

Further to the above-mentioned points, the aggregation pursued added borrowing to enhance its advantage by accretion (proven to be a bread-and-butter venture), enabling the close to pay aback its antecedent of allotment aback appropriate to do so. The abstraction of this abiding advance is that Sainsbury will accretion a beyond bazaar allotment (forcing alternative beneath aggressive companies to abandon there allotment of the market) and added profits both abbreviate and long-term.

In criticism of the technique, the aggregation should booty into application the abrupt changes in the market, namely appeal for its articles and casework and of advance approaching bread-and-butter changes. How does it absolve itself financially should there be a abatement in demand? The apotheosis lies with XL Airways, according to BBC Anniversary in 2008, the aggregation hit cyberbanking depression afterwards declining to defended added allotment (up until that point it was in the action of expanding) due to hasty changes in the economy.

With attention to the organization’s efficiency, it is difficult to ascertain the all-embracing capability of achievement afterwards administering all-embracing assay as it can be adequately backbreaking to accumulate abundant abstracts from arrangement analysis. However, the business’s boilerplate anniversary about-face (calculated by sales disconnected by inventories, Agyei-Boapeah, 2012) for the cyberbanking year 2010 was 30.5 (Sainsbury’s Assets Statement 2010, p16), compared with 28.2 for the cyberbanking year 2011 (Sainsbury’s Assets Statement 2011, p18) shows a basal difference.

The abstracts betoken a poorer achievement from the aggregation in 2011, yet sales had afterwards added in that year, furthermore, it was allotment of the organization’s goals to accession the auction of non aliment articles which gives an anniversary for the beneath common backup of inventories (Sainsbury’s Assets Statement 2011, p2; Sainsbury’s Anniversary Address 2011, addendum 16).

In adjustment to accretion a greater estimation of the company’s adeptness its all-important to attending at alternative ratios. Asset about-face (calculated by acquirement disconnected by absolute assets, Agyei-Boapeah, 2012) for the cyberbanking year 2010 was 1.83 and 1.85 for the cyberbanking year 2011 (Sainsbury Group Assets Statement 2011, p1). The college the figure, the better. Accepting scrutinized these figures, it is bright to see a slight affection in sales generated from assets for 2011. Although, the aggregation has alone apparent a baby accession of accumulation accrued from the auction of assets. This may be accepted by reviewing the firm’s advance action already afresh and abandoning that they accept spent added on accretion and accumulating assets than affairs assets (Sainsbury Anniversary Address 2011, p5).

A apperception of the above-mentioned credibility accord accuracy that the company’s administration accept conducted there duties efficiently. The bulge lies aural sales achievement and the anytime growing aggregation of aliment to which the close has aural its ownership. The added amplitude exhibits a absolute bulk of amplification (15.9% according to Sainsbury Assets Statement 2011, p2), furthermore, alone a baby allotment in change on the auction of assets and a
lower anniversary replacement.

Further to the aloft point apropos to backup of inventories, it could be interpreted that as the close sees a chain of expansion, added appurtenances are purchased through economies of calibration (greater sized orders at lower prices, acceptation beneath reordering) as is it the case that the aggregation is introducing added non aliment products, namely televisions which aren’t accustomed purchases. Yet of advance it is acceptable to be the closing accepting ahead articular aggregation intentions (Sainsbury Anniversary Address 2011, p2).

Finally it is advisable to booty the ratios and analyze them with that of Tesco. In the cyberbanking year of 2010, 20.8 was Tesco’s anniversary about-face arrangement and 19.2 in the cyberbanking year of 2011 (Tesco Anniversary Address 2011, p94). Afresh these abstracts represent an alike poorer performance, but Tesco as do Sainsbury, advertise a cardinal of non food-products, 22% of sales are non-food articles and the aggregation is the UK’s bigger non-food banker (, Our Business section).

Asset about-face for Tesco in the cyberbanking year of 2010 was 1.56 and 3.18 for the cyberbanking year 2011 (Tesco Anniversary Address 2011, p106). This shows some alterity in business adeptness and shows the aggregation performed bigger in the year of 2011 aback compared with 2010 and it additionally performed abundant bigger than Sainsbury (however it is binding to accede the company’s goals in allegory to that of Sainsbury).

Asset About-face allegory of Sainsbury with Tesco.

Gearing Ratios
The gearing ratios (Long-term liabilities) for Sainsbury on the 20th day of March 2010 were 32.86 compared with 30.79 on the 19th day of March 2011 (Telegraph shares, p1). This implies the company’s bulk of borrowing to armamentarium its activities was college in the year of 2010 and as a aftereffect of the access in accumulation for 2011 as eluded to above, activities were self-funded added often.

The ratios referred to in the aloft branch doesn’t accept the greatest of difference, acceptation there was still a abundant bulk adjourned by adopted funds in 2011. A accession to the aerial bulk of borrowing is anxiously advised by attractive at the Office of National Statistics for 2010 and 2011.

According to the Office of National Statistics, Chump Bulk Index (hereinafter referred to as CPI) in the 12 months up to September 2010 saw a 5.2% access in booze and tobacco products, a 5.1% access in aliment and non-alcoholic beverages, 4.4% access in advice and a 2.5% access in alternative appurtenances and services, including ammunition (Office of National Statistics 2010/2011 Report, p1). Such increases may accept acquired barter to abjure from assertive purchases or accomplish beneath common purchases, this as a ripple aftereffect would decidedly appulse aloft the organization’s functioning.

Ironically however, in 2011 CPI was at 5.2% in September, compared with 3.1% in September 2010 (Office of National Statistics 2011 Report, p1). A cogent access would anticipant added borrowing, yet this isn’t the case due to above-mentioned facts in this report. Sainsbury’s action to advance in accretion has accustomed abutment to its profits for 2011 and enabled the business to reinvest these into its activities. This accordingly negates the argument/concern over bread-and-butter appulse aloft trading for 2011 and shows a acknowledgment on advance aback compared to aggregation sales and profits with an affiliated allegory of 2010/2011 cyberbanking achievement (Sainsbury Assets Statement 2011, p1-p5).

Working Basic Management
Moving on to the final focal point in this report, alive capital. This is the admeasurement of both a company’s adeptness and its concise cyberbanking bloom (Agyei-bopeah, 2012). The alive basic of the alignment has apparent a abundant access in the cyberbanking year of 2011. The firm’s alive basic added by £78m for 2011, which it states was primarily due to added inventories which is £110m college than that at March 20th 2010 (Sainsbury Anniversary Address 2011, p1).

An assay of ratios will advice to ascertain the capability of the firm’s alive basic management, about it appeared difficult to acquire this advice from Tesco due to discrepancies to way in which abstracts was laid out. Alive Basic to Sales arrangement can be affected by demography alive basic and adding it by sales X 100 (Agyei-Bopeah, 2012). In the cyberbanking year of 2010 this bulk was 1.5.7 and 1.2.8 for 2011. This manifests a beneath accepted bulk of achievement for the year 2011, about the aggregation did acquaint a abundant cardinal of non-food products.

The aggregation auspiciously managed to accomplish bulk accumulation of £50m in the year 2011 (Sainsbury Interim After-effects 2011, p1). In an altercation adjoin this accustomed business practice, is it ethical for the aggregation to pay farmers the basal bulk per gallon of milk to accumulate its chump want’s satisfied? Herein lies a ambiguous affair to which the alignment faces in its anytime growing admiration to abate costs. As a aftereffect it has led to advantage in critics of the firm’s fairtrade cast angel and to what admeasurement it coincides with the image.

British farmers are affected to pay the bulk of bazaar bulk wars (The guardian, Saturday 2 July 2011, p48). With such affair over how abundant the close should be extenuative on costs to attain a bigger position with alive capital, it fails to booty into application its appearance on fairtrade. It transpires to be the case that in adjustment to accomplish huge accumulation to abutment its advance in alive capital, the aggregation charge continuously force its suppliers to drive the bulk of their articles bottomward as alternative factors change (cost of production, bread-and-butter variations, energy/fuel prices and the bulk of raw materials).

On a added absolute note, the aggregation has managed to access its alive basic from the cyberbanking year of 2010 to 2011, this indicates absolute changes in its business action and demonstrates that it has acceptable alive basic management. As a aftereffect of the increase, £12m in debt was paid off in the year of 2011. Yet as this area happens to accompany with efficiency, it epitomizes the capability of the aggregation action for 2011.

Sainsbury has set itself a fair cardinal of targets to which are laid out in the aggregation anniversary address for 2011. One actuality to access amplitude advance of 15% in two years set in the year of 2009 (Sainsbury Anniversary Address 2011, p1).
The aggregation exceeded this ambition allotment by .9% (Sainsbury Anniversary Address 2011, p1) which indicates its able to accommodated its targets, yet it additionally indicates added basic was spent on accretion and possibly added than it intended.

As eluded to in the aloft sections, Sainsbury’s accommodation to rapidly aggrandize has accurate to be a bread-and-butter adventure and apparent a slight access in aggregation profits for concise comparisons amid the cyberbanking years 2010 and 2011 area sales accept developed by 9.4% (Sainsbury’s Assets Statement 2011, p1). Such developments in the business will alone accord able comparisons afterwards a greater breach enabling the researcher to appreciate as to how abundant the accelerated advance has had on the firm.

In accession to the company’s advance in admeasurement it saw a huge acknowledgment in appeal for its accouterment brand, TU. It is accepted that back appearance bulk Gok Wan alien a ambit of clothing, sales saw a advance of 17% as a year on year allegory for 2011 (Sainsbury’s Media, Latest Stories, p1). It is acceptable that this will abide to abound and accompaniment the company’s expansion.

Further to the aloft points, the clamminess ratios of the aggregation are poor at this point in time which is due to accelerated advance (therefore negates the altercation of poor performance). About aback the close finishes its amplification it is awful acceptable that the arrangement will advance which is accountable to no added ample projects. Added to advice absolute from the aggregation Anniversary Address of 2011, the aggregation should be able of repaying its loans as of there due dates acknowledgment to its added cardinal of aliment accumulating added profit.

In accession to aloft credibility in the alpha of the conclusion, Sainsbury’s accept bristles focus areas, abundant aliment at fair prices, accelerating the advance of commutual non-food ranges and services, extensive added barter through added channels and growing bazaar amplitude (Sainsbury’s Anniversary Address 2011, p3). Accepting already accustomed the abundance of its amplitude growth, this additionally happens to accompany with its focus on extensive barter through added channels as 37 new accessibility aliment were opened in the closing allotment of 2010 to the alpha of 2011 (Sainsbury’s Media, Latest Aliment section).

Since allegory the aggregation gearing ratios and how abundant it has in abiding debts, it is bright to see it could be a perilous botheration for Sainsbury. The close has fabricated an adventurous accommodation to advance in accretion in the achievement for abundant allotment in the not to abroad future, yet this is not affirmed income. If appeal avalanche for the company’s articles and casework or there is a botheration to which afterwards impacts aloft its cast angel (the aggregation is disproved to be a fairtrade banker for example) the close may acquisition itself actuality asleep if it is clumsy to accord the loans.

Points eluded to in the aloft branch are a amount of abysmal affair to the alignment and from assay administered it doesn’t arise to be the case that the close has a accident plan to abutment them with abeyant abrasion in demand. A accident plan and in addition, a accident armamentarium is article to which Sainsbury should booty into the accomplished of application should one not accept already been devised (yet it is absurd this would be the case). It will be of abutment to the close in planning for abrupt changes.

In this address the afterward sources were dwelled aloft for advice in ascertaining facts, extracting abstracts and for the purpose of comparison.

Atrill, P., McAllen, E. (2008) Accounting and Finance For Non-Specialists. Sixth edition. Prentice Hall. Harlow.

Datta, S. (2011) Economics, Making faculty of the avant-garde economy. Third edition. Profile Books. London N, Gregory Mankiw. (2001) Principles of Economics. Added Edition. Harcourt College Publishers.

James Blake (2012) Sainsbury Supermarket. [image online] Accessible at: http:// [Accessed: 12 December 2012].

Lecture Notes
Agyei-Boapeah, H (2012). Cyberbanking Statement Assay 2. Lecture addendum broadcast in the affair BMAIE001AZ2012/3 Managing Finance. Liverpool Achievement University, Liverpool on 02 November 2012. Agyei-Boapeah, H (2012). Alive Basic Administration 1. Lecture addendum broadcast in the affair BMAIE001AZ2012/3 Managing Finance. Liverpool Achievement University, Liverpool on 09 November 2012. Agyei-Boapeah, H (2012). Alive Basic Administration 2. Lecture addendum broadcast in the affair BMAIE001AZ2012/3 Managing Finance. Liverpool Achievement University, Liverpool on 16 November 2012.

BBC Anniversary (2004) Sainsbury Loses Out To Rivals. [ONLINE] Accessible at: hi/business/3682544.stm [Accessed: 24 October 2012].
BBC Anniversary (2012) Tesco Bazaar Allotment Dips Below 30%. [ONLINE] Accessible at: http:// [Accessed: 18 October 2012]. BBC Anniversary (2008) Thousands Stranded By XL Collapse. [ONLINE] Accessible at: http:// [Accessed: 21 October 2012]. Coffer Of England (2009) Statistical Interactive Database – Official Coffer Bulk History. [ONLINE] Accessible at: [Accessed: 19 October

Guardian (2011) British Farmers Affected To Pay The Bulk Of Bazaar Bulk Wars. [ONLINE] Accessible at: [Accessed: 23 October 2012]. Gokwan (2011) Sainsbury Collection Press . [ONLINE] Accessible at: goks-video-blog/sainsbury-collection-press-launch/ [Accessed: 23 October 2012]. iforex (2012) FTSE 100. [ONLINE] Accessible at: [Accessed: 18 October 2012].

Independent (2012) Baby Abundance Openings Accession Sainsbury’s Profits. [ONLINE] Accessible at: http:// [Accessed: 20 October 2012]. J Sainsbury (2012) About Us, Abundance Portfolio. [ONLINE] Accessible at: [Accessed: 25 October 2012]. J Sainsbury (2011) Anniversary Address 2011. [ONLINE] Accessible at: [Accessed: 18 October 2012].

J Sainsbury (2011) Cyberbanking Statements, Anniversary Report, Antithesis Sheet. [ONLINE] Accessible at: [Accessed: 18 October 2012].

J Sainsbury (2011) Cyberbanking Statements, Anniversary Report, Cashflow. [ONLINE] Accessible at: http:// [Accessed: 18 October 2012].
J Sainsbury (2011) Cyberbanking Statements, Cyberbanking Review. [ONLINE] Available

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